Visualized: The Demand for Silver Over Time (2015-2024F)
The Demand for Silver Over Time (2015-2024F)
Over the past decade, billions of new ounces of silver went into circulation.
But with the metal being so crucial to various industries, from jewelry to solar panels, how has the demand for silver changed over time?
This graphic, created in partnership with Vizsla Silver Corp., uses the latest data from Metals Focus in the Silver Institute’s World Silver Survey 2024 to show the changing uses of silver over the past decade.
Electronics Lead the Way
The latest data shows silver’s total industrial demand will have grown by over 55% between 2015 and 2024, reaching a projected 710.9 million ounces.
Here is a table that shows the demand in millions of ounces over the past decade.
Category | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024F |
---|---|---|---|---|---|---|---|---|---|---|
Total Industrial | 457.1 | 489.5 | 526.4 | 524.2 | 523.5 | 509.7 | 561.3 | 588.3 | 654.4 | 710.9 |
↪Brazing Alloys & Solders | 51.1 | 49.1 | 50.9 | 52.0 | 52.4 | 47.5 | 50.5 | 49.2 | 50.2 | 51.8 |
↪Other Industrial | 133.7 | 131.5 | 135.8 | 141.2 | 143.8 | 140.2 | 159.6 | 167.8 | 159.0 | 173.5 |
↪Electronics | 272.3 | 308.9 | 339.7 | 331.0 | 327.8 | 322.0 | 351.2 | 371.3 | 445.1 | 485.6 |
↪Photovoltaics | 59.6 | 81.6 | 99.3 | 87.0 | 74.9 | 82.8 | 88.9 | 178.1 | 193.5 | 232.0 |
Photography | 38.2 | 34.7 | 32.4 | 31.4 | 30.7 | 26.9 | 27.7 | 27.5 | 27 | 26.1 |
Jewelry | 202.5 | 189.1 | 196.2 | 203.2 | 201.6 | 150.9 | 182.0 | 234.5 | 203.1 | 211.3 |
Silverware | 58.3 | 53.5 | 59.4 | 67.1 | 61.3 | 31.2 | 40.7 | 73.5 | 55.2 | 58.8 |
Investment | 309.3 | 224.9 | 156.9 | 173.3 | 187.4 | 208.1 | 287.8 | 355.0 | 255.3 | 212.0 |
The electronics sector, which heavily relies on the commodity for its conductivity and durability, is expected to grow by 78% from 2015 to 2024.
Fueling the Future of Photovoltaics
Several sectors, such as silverware and jewelry, experienced lower growth from 2015 to 2024, at 1% each. However, no other sector showcases silver’s rising importance more dramatically than photovoltaics.
With demand projected to jump by a staggering 289% from 2015 to 2024, the metals’ critical role in solar panel production propels the renewable energy transition.
From just 59.6 million ounces of demand in 2015 to an estimated 232.0 million ounces by 2024, photovoltaics exemplify the metal’s potential in a greener future.
The Role of Silver Moving Forward
Silver’s journey over the last decade illustrates its adaptability and importance across diverse industries. The total demand for the metal is expected to have reached 1.2 billion ounces in 2024.
This metal’s changing demand not only reflects the future in the form of electronics and photovoltaics, but the -32% change in photography also reflects the industry’s former uses.
Whether driving green energy solutions or enabling advanced electronics, silver’s versatility ensures its place as a precious metal and an indispensable industrial commodity for the future.
Discover how Vizsla Silver Corp. promotes responsible mining practices to support the rising global demand for silver while building a sustainable future.

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